New Return Drivers in VC: 40% IRR From Brazil’s Underserved Markets

Episode notes

Return drivers in impact venture capital are changing fast. And today's guest Daniel Izzo is at the forefront of that shift. Daniel is the co-founder and CEO of Vox Capital Brazil’s first impact venture capital firm. He’s shown that mission-driven startups serving low-income populations can deliver both strong risk-adjusted returns (including a 40% IRR in one fund) and true social justice. In this episode Daniel explains why financial inclusion is the fastest-growing opportunity in Latin America and why 85% of the market is still ignored by most investors. He shares two examples of Vox’s standout portfolio companies: one that built affordable ventilators for underserved hospitals, and another that slashed the cost of medical education by 90%, transforming access to specialist care. He also explains: why intentionality is a better filter than ESG scores why some of their best returns came from companies with embedded impact why Vox moved beyond VC into multi-asset strategies Forget the myth that impact means sacrifice. Daniel busts it with facts. Tune in to find out how.

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